RJ

This Economy definitely not Obama's Recovery.

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Posted (edited)

 This economy is definitely not Obama’s recovery

By Stephen Moore     NY Post

September 12, 2018 | 6:39pm |

Barack Obama is trying to take credit for the booming economy under President Trump. “When you hear how great the economy is doing right now,” Obama said on the campaign trail for Democratic candidates a few days ago, “let’s just remember when this recovery started.”

 

By this logic, the Kingston Trio laid the groundwork for the Beatles.

 

But the contrast in economic performance between the two presidents is undeniable. Obama’s multitrillion-dollar spend-and-borrow policies produced 2 percent growth. In his final year, Obama handed off to Trump an economy that was limping at 1.6 percent.

 

After only 18 months in office, Trump has elevated growth to 3 percent on an annual rate and the latest projections are that the growth rate for the second and third quarter (which ends Sept. 30) will be over 4 percent. One might say all it took to get the economy really crackling was getting Obama out of office.

 

Obama is right that this has been a long recovery — beginning in June 2009. But the real economic boom started almost the day after the election in 2016 with the surge in small business, investor and consumer confidence.

 

No one on the left, least of all Obama, thought this was remotely possible.

 

Two years ago, Obama famously ridiculed Trump’s campaign promise of faster growth and a comeback in manufacturing jobs by saying this could only happen if Trump was waving “a magic wand.” Obama’s first chief economist, Larry Summers, proclaimed to the world that 2 percent was the best we could hope for. Other liberal economists were so disdainful of Trump’s tax cuts, deregulation and energy development that they predicted Trump would crash the world economy and the stock market.

 

It’s a little early to be declaring Trump’s policies a “miracle,” as Trump has boasted. All we can say is whatever he’s doing, it’s working.

 

And that Obama’s economic experiment of Keynesian economics on steroids was a profound disappointment. It began with the $830 billion stimulus plan, and then cash-for-clunkers, bailouts, ObamaCare, tax hikes on the rich, minimum-wage hikes and a wave of financial and economic regulations. All told, the national debt nearly doubled in eight years.

 

Meanwhile, the Obama recovery was remarkably flimsy. In 2015, the Joint Economic Committee of Congress found that compared to the eight previous post-recession events, “the Obama recovery was the weakest on record.”

 

The recovery was so shallow that had Obama merely achieved a normal pace of recovery, personal income in 2014 would have been $3,200 higher. If the economy had matched the Reagan trajectory, GDP in 2016 would have been almost $3 trillion larger (equivalent to the combined GDP of Michigan, Ohio and Pennsylvania).

 

Even as measured by the left’s favorite metric, “economic fairness,” the policies failed. The index of income inequality rose nearly every year under Obama.

 

While Silicon Valley, Hollywood, Washington, DC, Wall Street and the energy states did spectacularly well (thanks to shale oil and gas), in the Rust Belt regions of the country — from upstate New York to Ohio and Wisconsin, West Virginia and Kentucky — family incomes remained flat at best. On the campaign trail, I often asked folks in small towns across the Midwest about the Obama recovery, and their response was: What recovery?

 

Trump didn’t just run against Hillary Clinton and her closet overflowing with scandals, but the meager Obama economy as well. He ran against the runaway costs of ObamaCare. He ran against the regulatory assault, the tax hikes, unpopular trade deals and climate-change fanaticism. He ran against hopelessness, against opioid addiction, the $10 trillion rise in the national debt and income stagnation.

 

One time during the campaign, Larry Kudlow, Steve Miller and I held an impromptu discussion with Trump about economic strategy. Miller summarized the game plan to Trump succinctly: “Donald, just look at all the things that Obama has done on the economy over the past eight years, and then do just the opposite.”

 

Trump has done pretty much just that — which explains why the Trump boom is an everyday reminder of the Obamanomics failure.

 

Stephen Moore is a senior fellow at the Heritage Foundation and a former senior economic adviser to the Trump campaign. His new book, “Trumponomics,” will be published next month.

END

 

Obama's piss poor record is obvious!  He is acting like a 7th grader who like to claim to be the smartest kid in the room.  Falsifying his record by trying to claim he started the recovery.

I watched the speech and he pointed his finger a spot behind him as the start of the recover, but never mentioned the moment and the specific cause for his recovery's beginning.

 

Hot Air and Zero Substance! A Flim-Flam Man!

 

Edited by RJ

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Oh I remember when this economic recovery began for sure, it startedthe day after Hillary lost the 2016 presidential election.  The only thing Obama had to do with this recovery is he is personally responsible for President Trump's victory.

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9 mins ago, RJ said:

  One might say all it took to get the economy really crackling was getting Obama out of office.

 
 

Truth right there.

I wonder if any of out resident left leaners think this economic recovery would have happened had Hillary won.....................NOT!

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Posted (edited)

10 mins ago, Gotcow? said:

Truth right there.

I wonder if any of out resident left leaners think this economic recovery would have happened had Hillary won.....................NOT!

Agree, because there wouldn't have been a tax cut remotely resembling the Trump/Rep tax bill. That bill being massive stimulus not only when there was no recession, but when there was already full employment. A tax bill that makes the deficit increase further. Of course the short-term numbers improve because of reduced rates,  but at what costs? We'll see in a year or three.

 

I thought you already knew that.  :headscratch:

Edited by patchyfog

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Posted (edited)

Patchy, to quote another of your compatriots, “You are incorrigible! But you are a good man”. 

 

Keep on believing. 

Edited by tomkaz

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3 hours ago, patchyfog said:

Agree, because there wouldn't have been a tax cut remotely resembling the Trump/Rep tax bill. That bill being massive stimulus not only when there was no recession, but when there was already full employment. A tax bill that makes the deficit increase further. Of course the short-term numbers improve because of reduced rates,  but at what costs? We'll see in a year or three.

 

I thought you already knew that.  :headscratch:

Strategic genius for the midterms, dreadful for the country in the long term.

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3 hours ago, tomkaz said:

Patchy, to quote another of your compatriots, “You are incorrigible! But you are a good man”. 

 

Keep on believing. 

Believing what? All I do is look at the situation and decide what it looks like to me...I'm not being political.

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Real tragedy letting corporations and people keep more of their hard earned money.  We need more tax cuts.

 

Fix the spending issue.

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Again I will repeat- It's almost as though Obama-his advisers and the MSM  are unaware that gizmos exist that can record audio & video.

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1 hour ago, Gatr522 said:

Again I will repeat- It's almost as though Obama-his advisers and the MSM  are unaware that gizmos exist that can record audio & video.

:laugh:

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19 hours ago, patchyfog said:

Agree, because there wouldn't have been a tax cut remotely resembling the Trump/Rep tax bill. That bill being massive stimulus not only when there was no recession, but when there was already full employment. A tax bill that makes the deficit increase further. Of course the short-term numbers improve because of reduced rates,  but at what costs? We'll see in a year or three.

 

I thought you already knew that.  :headscratch:

‘’.......already full employment...’’

 

Really ?

 

 

 

We tried government spending as a stimulus, it cost us trillions, and once again did not work. Now we are trying the opposite and it is working, but you remain skeptacle. I have been reading and the reports are showing huge drops in food stampers, record lows for black unemployment, huge increases in black businesses, women of all shades are doing much better, and salaries are rising for many of lower economic status. 

 

So what Trump is doing is what the leftists claim they wanted to do, but somehow now that those groups are enjoying success, it is all bad. The results don’t seem to matter, but rather how we get there. I guess Trump stinks even though his policies produce good results, because his intentions are all bad. Obama’s policies were good, even though they produced dismal results, because his intentions were all good.

 

Obama failed horribly, and Trump is enjoying wild success, and you don’t like it. Well maybe you should think about that a little. Consider this- maybe Obama’s policies were never intended to produce good results. Rather they were designed to create more dependence upon government charity. Which is what the Democrats seem to be wanting as it helps them garner more votes.

 

I prefer that people just be given opportunity, let them realize the American Dream, not condemning them to a life of poverty just to secure their vote. 

 

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